Company Registration No. 10900540 (England and Wales)
MORE IN COMMON
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
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CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
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BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
Notes
£
£
Fixed assets
Tangible assets
3
5,850
Current assets
Debtors
4
951,452
Investments
5
7,500
Cash at bank and in hand
257,474
1,216,426
Creditors: amounts falling due within one year
6
(634,822)
Net current assets
581,604
Total assets less current liabilities
587,454
Reserves
Total reserves
7
587,454
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 May 2019 and are signed on its behalf by:
G Mortensen
Director
Company Registration No. 10900540
MORE IN COMMON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
More in Common is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
Office 119, Finsbury Business Centre, Clerkenwell, London, EC1R 0NE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared on the basis that the company is a public benefit entity.
The financial statements have been prepared with early application of
the
FRS 102 Triennial Review 2017 amendments in full.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income consists of grants receivable, and these are all considered to be non-exchange transactions. G
rants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. Where a grant is received and the performance indicators are yet to be met, this is recognised as a liability.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
1.7
Unlisted investments are held at historical cost.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 10
.
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 4 August 2017
-
Additions
7,098
At 31 December 2018
7,098
Depreciation and impairment
At 4 August 2017
-
Depreciation charged in the period
1,248
At 31 December 2018
1,248
Carrying amount
At 31 December 2018
5,850
4
Debtors
2018
Amounts falling due within one year:
£
Other debtors
951,452
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 4 -
5
Current asset investments
2018
£
Other investments
7,500
6
Creditors: amounts falling due within one year
2018
£
Trade creditors
149,142
Corporation tax
615
Other creditors
485,065
634,822
Included within other creditors is £374,886, relating to grant income from Omidyar Network Fund Inc for which the performance indicators are yet to be met. It is expected that these will be met during 2019 and this will be recognised in income.
7
Reserves
Brought forward
Income
Expenditure
Carried forward
General income reserves
-
1,266,465
(1,019,711)
246,754
Restricted income reserves
Ford Foundation
-
130,171
(130,171)
-
Social Change Inititive - Greece and Italy
-
59,000
(59,000)
-
Social Change initiative - Germany
-
102,000
(69,131)
32,869
Omidyar Network Fund Inc
-
943,664
(690,833)
252,831
The Jo Cox Foundation
-
210,000
(210,000)
-
Barrow Cadbury Trust
-
50,000
(50,000)
-
Unbound
-
55,000
-
55,000
Total restricted income reserves
-
1,549,835
(1,209,135)
340,700
Total income reserves
-
2,816,300
(2,228,846)
587,454
8
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
MORE IN COMMON
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 5 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Amy Healey FCA CTA DChA.
The auditor was Lindeyer Francis Ferguson Limited.